1、To our Stockholders,Partners,Employees and our Communities of UsersAs the Internet spreads throughout the world,more and more people are unlocking the opportunities itbrings.The Internet is connecting us in ways not possible just a decade ago,and transforming the way wemeet,communicate,learn,and do
2、business.It has also sparked a new wave of innovation that continues toexpand the boundaries of what technology can enable us to achieve.The changing Internet environment has allowed eBay to change as well.In 2005 we expanded our visionof how to best connect people online through community and comme
3、rce.We continued to innovate within ourexisting businesses while adding new formats and opportunities for our ever-growing communities of users.While the company may look different than it did a year ago,our core mission remains the same.We arepioneering communities built on commerce,sustained by tr
4、ust,and inspired by opportunity.The Power of ThreeToday,the company is organized into three businesses:Marketplaces,Payments and Communications.Each is a thriving and successful business in its own right.Together,these three businesses create synergiesthat we believe will provide even more opportuni
5、ty for our communities and lead to additional growth acrossthe board.At the heart of the Marketplaces business is the eBay trading platform,which connects buyers and sellersin a single global marketplace.Continued innovation in marketing and product development and closecooperation with our communit
6、y of users led to accelerating growth in 2005,particularly in our largestmarkets the US and Germany.eBay ended the year with 181 million registered users around the world.Andin 2005,those users traded more than$44.3 billion in gross merchandise volume,the total value of allsuccessfully closed items,